The ongoing political drama in the U.S. has also weighed on the U.S. dollar, which helped support the gold outlook. With traders remaining skeptical that this week’s Federal Reserve meeting would do much to alter the recent weakness, gold has maintained its recent strength. The dollar is one of the worst-performing major currencies in the world this year.

Louise Yamada of Louise Yamada Technical Research Advisors said in an interview with CNBC that “$1,400, however, would be key resistance because that goes all the way back to 2014, which would be about a four-year base.”

“Gold and equities move inversely, so if gold continues up here it’s probably possible that we move more into a corrective trend in equities as gold rallies up,” Yamada said in the CNBC interview. “There’s a lot here that suggest that equities are looking a little fragile under the surface, and it would be logical that you would see equities pull back a little or consolidate.”